Gross State Product (GSP) is the total market value of goods and services produced in Tasmania within a given period after deducting the cost of goods and services used up in the process of production, but before deducting allowances for the consumption of fixed capital.

Tasmania's Gross State Product (GSP) for 2003-04 was $13,479 million, an increase of $388 million or 3.0% on the 2002-03 figure. Of the $13,479 million GSP recorded in 2003-04, the largest component, $10,261 million (76.1% of total), was from household final consumption expenditure. Some $3,260 million (24.2% of total) was from government final consumption expenditure.

(a) Reference year for chain volume measures is 2002-03.(b) Calculated as the residual of GSP less state final demand less international trade in exports of goods and services, plus international trade in imports of goods and services. The balancing item implicitly comprises changes in inventories, total net interstate trade and statistical discrepancy (E).(c) Experimental series. Users are cautioned that these estimates are derived indirectly by calculating a deflator from the expenditure component of the state series concerned. Therefore, in general, the sum of the state estimates does not equal the estimates for Australia. It is emphasised that, at times, there may be movements that cannot be fully explained in the chain volume estimates of GSP through the use of this proxy deflator (see Technical Note on page vi of the 1993-94 issue of Australian National Accounts: State Accounts - cat. no. 5220.0).

Source: Australian National Accounts, State Accounts (cat. no. 5220.0).